Financial statements, reports and accounts

(1) The financial statements, reports, accounts, records and other documents and information required by this Part shall be prepared and maintained in accordance with international financial reporting standards. (2) Every licensee and financial holding company shall submit to the Central Bank covering such period and by such date as may be specified by the Central Bank, and in such form 127 as the Central Bank may from time to time specify, such financial statements and other statements of condition and income, accounts, reports, schedules, and any other information required by the Central Bank prepared in accordance with sub- section (1). (3) In accordance with section 79(2) and section 80 the Central Bank may apply reporting requirements– (a) to a licensee on an individual basis; and (b) on a consolidated basis, to a financial holding company, to include all subsidiaries and members of the financial group, and any information required shall be submitted within such period and in such manner as the Central Bank may specify. (4) Every licensee shall also submit to the Central Bank customer information including account statements covering such period and by such date as may be specified by the Central Bank in the form and frequency it deems necessary. (5) Subject to sub-sections (6), (7) and section 84, all statements and other documents and information submitted by a licensee or financial holding company or subsidiary of the licensee to the Central Bank under this section shall be regarded as confidential. (6) Every licensee and financial holding company or subsidiary of the licensee shall submit to the Central Bank and/or an authority as specified by the Central Bank detailed information on each loan in its loan portfolio in order to permit the operation of any credit reporting system established by the 128 (7) Notwithstanding sub-section (5), the Central Bank may publish in whole or in part in such form and at such time as it may decide, consolidated statements aggregating the figures in any statement, report or other document furnished under sub- section (2) and may also publish financial condition information, balance sheets, income statements, and financial ratios in respect of each licensee utilizing information submitted to the Central Bank under this section. (8) No information shall be published in accordance with sub-section (7) which discloses the affairs of any individual customer unless the specific consent in writing to such publication has first been obtained by the Central Bank from such customer. (9) Any licensee or person who knows that any officer or other person participating in the affairs of the licensee may have committed or aided in any act, involving fraud, deception, dishonesty, misappropriation of funds or embezzlement shall submit a report thereof to the Central Bank within thirty days. (10) The Central Bank may require a licensee, financial holding company or subsidiary to submit such further information as it considers necessary for the proper understanding of any statement or return furnished by that licensee under sub-section (1) and such information shall be submitted within such period and in such manner as the Central Bank requires. (11) Any licensee or person which fails to comply with any requirement under any of the provisions of sub-section (1), (2), (3), (4), (6), (9) or (10) is liable to pay, on being called upon in writing to do so by the Central Bank, a fine not exceeding ten thousand dollars for every day of such failure to comply. (12) Repealed. 129 (13) Any licensee or person who provides false or misleading information under this section shall, on being called upon in writing by the Central Bank, pay a fine not exceeding one hundred thousand dollars.